PrimeWest Energy Trust, Calgary, plans to acquire properties in Alberta for about C$206 million in cash. The assets are primarily in the Caroline and Peace River Arch areas of Alberta and are producing approximately 6,500 BOE per day. Total proved reserves are estimated at 14.82 million BOE. The price per BOE of established reserves is C$10.86, according to PrimeWest. Acclaim Energy Trust, Calgary, is acquiring Elk Point Resources Inc., Calgary, for C$174 million in cash and stock. Elk's production is approximately 6,200 BOE per day. The assets are mainly in west-central Alberta and a few are in the U.S. Abraxas Petroleum Corp., San Antonio, Canadian subsidiaries Canadian Abraxas Petroleum Ltd. and Grey Wolf Exploration Inc. plan to sell reserves and processing plants in western Canada for approximately C$138 million. The assets include approximately 60 billion cu. ft. of gas equivalent of net proved reserves and production of 4,500 BOE per day. The price per thousand cu. ft. of proved reserves is C$2.30 and the price per flowing bbl. of oil is C$30,000, according to Abraxas. Abraxas will retain some production and most of its undeveloped acreage in Canada, including all of its interests in the Ladyfern area.
Recommended Reading
Analyst Questions Kimmeridge’s Character, Ben Dell Responds
2024-05-02 - The analyst said that “they don’t seem to be particularly good actors.” Ben Dell, Kimmeridge Energy Partners managing partner, told Hart Energy that “our reputation is unparalleled.”
Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production
2024-05-02 - Tellurian’s Driftwood LNG received an extension through 2029 with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
Zeta Energy Appoints Michael Everett as COO
2024-05-02 - Prior to joining Zeta Energy, a lithium-sulfur battery developer, Michael Everett previously served as president and COO at Advanced Battery Concepts.
Shell Launches $3.5 Billion Share Buyback Program
2024-05-02 - Shell, which posted first-quarter adjusted earnings of $7.7 billion, will cancel all of the shares it buys.
Supply Disruptions Ahead as Canadian Rail Workers Vote for Strike
2024-05-01 - The union, representing more than 9,000 employees at Canadian National Railway and Canadian Pacific Kansas City, announced that 95% of its members approved of a strike, which could happen as early as May 22.